Mortgage Approval Figure

M

momomo

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Hi
Wages of 30,000 a year, outstanding loan of 6k.
Would be looking to rent out a room.
What sort of mortgage approval would I be looking at?

Thanks in advance
 
momomo said:
Hi
Wages of 30,000 a year, outstanding loan of 6k.
Would be looking to rent out a room.
What sort of mortgage approval would I be looking at?
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Won't be able to help you (any more than the online calculators would) personally, but to assist Sarah, MortgageMate or the other regular posters in a position to help you.....

30k, assume this is gross? Providing the net monthly income (slight differences depending on your specific circumstances) may be of help.
What term is left on the 6k loan? What are the monthly payments?
 
paying 200 a month off the loan.

I was hoping to see how much extra to the 4.5times my salary id get if i was renting a room out aswell.
 
Paying off 200 a month but Ive been overpaying quiet a bit in the last few months to get it down to 6k.
 
MortgageMate said:
Not a lot i'm afraid, circa €150k.
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Looking at the figures that seems about right.

The room rental is dodgy to greatly increase lending as they can't guarantee rental and therefore tough to put it towards your afordability of the loan.

First thing, clear the loan asap. You should then look to build up as large savings as you can.

Any chance of getting family to go guarantor on the loan? Any potential assistance in the form of a lump sum gift (which you could arrange between yourselves to pay back)?
If you've a good history with the bank approach them and see what offer they may be able to make, but without clearing the loan and additional savings you'll be struggling.
 
I have a house and a mortgage with someone at the moment, but due to circumstances out of my control,i will be having to buy them out.
I am trying to work out if I can afford to keep me home, not looking good from the feedback so far.
Loan has 2 years to go, but a family member said they will clear that for me, if it can help
 
yup, sooner that loan is cleared it should boost your borrowing potential by 10 or 15 k, perhaps even more, as for any further advice i think Satanta has hit every nail on their heads. You're obviously leaving at home right now?
 
Have you built up much equity in the home?
What is the present value, and your outstanding mortgage?


Taking assisitance from a family member is entirely down to you, if you feel it is the right thing to do, you should pay off that loan. But as i said this is a personal matter.
 
momomo said:
I have a house and a mortgage with someone at the moment, but due to circumstances out of my control,i will be having to buy them out.
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Since you have a target no harm in giving some rough figures so we may be able to suggest ways of getting closer to reaching it.

You have a mortgage amount you need to hit.
You have an income you can't change (at least not without some major life changes over some time).
You have rough ideas of what the banks will allow on your wage (possibility of increasing this figure with guarantor).

The only factors you can really adjust are reductions in your potential morgage amount (the loan) and additional savings.

You know (roughly) clearing the loan will give you ~165k, how far short of your target are you?
 
house value looks like in the area are going for 100-120k more then when bought 3 years ago.
So there would be 100k equity in the house. 50 of which would be mine.
House bought at 310k
i think i could get my uncle to go guarantor, it does seem to be the only option doesnt it
 
momomo said:
house value looks like in the area are going for 100-120k more then when bought 3 years ago.
So there would be 100k equity in the house. 50 of which would be mine.
House bought at 310k
i think i could get my uncle to go guarantor, it does seem to be the only option doesnt it
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So, worst case (for you buying atm) house value €430k.
I'm assuming that if prices have risen 100k and you've 100k equity after 3 years your mortgage is basically still 310k give or take a small amount, don't forget, what you've paid from the mortgage adds to the equity in the property... but over 3 years most of the payments do go on interest.

You need €215k to buy out house from other owner?
You need €155k to cover your current mortgage?
Needs you leaving a total of €370k + costs on remortgaging/CGT/SD etc etc???

It's approx 86% LTV (a little higher with additional costs).

Even with a guarantor it could prove a little too high, but I'll leave the details in the hands of those far better placed than I to detail them.
Seems like you could be struggling but always better to know where you stand.
 
im on about 30k aswell with a 13k car loan, i was quoted 120,000 but told 170,000 without the car loan, i have about 13k in savings for a deposit, im on the list for the affordable housing scheme, could anyone tell me if i would be better clearing my car loan with my savings?
 
no the person who you're buying the half off will be caught for CGT.

As regard stamp duty, i think you will be caught, but not full stamp duty as you're only really buying half the house.

Well as a single applicant you haven't got a prayer. With regard to your uncle going as guarantor, it will help, again depending on his financial strength. Would he consider going joint applicant with you?
 
MortgageMate said:
Would he consider going joint applicant with you?
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How would my uncle going as a joint applicant be better then guarantor? Sorry for all stupid questions its just the other person dealt with all the ins and outs of the mortgage i got previous. so im abit clueless
 
Satanta said:
Needs you leaving a total of €370k + costs on remortgaging/CGT/SD etc etc???
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Hey Momomo, sorry if I caused confusion, I just ment all other costs your liable for. So really should have detailed them as solicitor fees and such. Wasn't giving specific things you're due to pay, just meant all other costs and fees, which may have potientially included CGT, SD etc..
 
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